VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB:ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”), announces that it will hold its annual general meeting of the Company's shareholders (the "Meeting") at 10:00 a.m. (Central Time) on June 6, 2019, at the Westin Santa Fe Hotel (Ballroom A) in Mexico City, Mexico.
“It is a pleasure to host Isodiol and its directors and shareholders in my home city and demonstrate the Company’s commitment to Mexico and Latin America,” said Leonardo Matesanz, a Director of Isodiol. “Isodiol has been involved in various efforts in recent years to position itself as a market leader in Mexico once appropriate regulations are in place. We are now confident that the Mexican authorities are developing a path to legalization of our products and look forward to bringing them to consumers throughout the country soon.”
Mexico’s Federal Commission for the Protection against Sanitary Risk (COFEPRIS) initially published regulations for CBD products on October 30, 2018, which indicated that products made from hemp were industrial products that could be traded as cosmetics, supplement foods, and herbal products. CBD medicines also were included in the regulations, subject to clinical trials and proper protocols. However, those regulations and the licenses initially awarded by COFEPRIS were revoked on March 27, 2019, leaving the industry’s future in question. Nevertheless, the Mexican Senate stated in March 2019 that “legalization is imminent,” with medical and scientific regulations expected to be issued by October 2019.
Isodiol established operations in Mexico in 2017 with the intent to take advantage of the initial regulations that ultimately were released by COFEPRIS on October 30, 2018. However, based upon concerns about the validity of those regulations and the licenses issued to Isodiol’s competitors, Isodiol strategically safeguarded its opportunities and withheld application for licensure under the initial regulations.
“As with regulatory matters in other jurisdictions around the world, we try to put our best foot forward in anticipation of what we hope laws will be,” said Marcos Agramont, CEO of Isodiol. “Sometimes we get it right, and sometimes we don’t. In Mexico, we believed we were on the right track only to see some of our competitors obtain licensure in ways that did not make sense for us to pursue. Our suspicions proved out, and we look forward to being on a level playing field when the new regulatory regime is in place. Mexico and other Latin American markets are very important to Isodiol, and our management team is uniquely qualified to pursue these opportunities.”
Isodiol intends to apply for CPG and medical product licenses in Mexico following issuance of the new regulations and acceptance of license applications by COFEPRIS in Fall 2019.
In an effort to reduce cash obligations and liabilities in the amount of CAN$680,587, the Company issued 523,851 shares at a weighted average price of CAN$1.30 per share on May 16, 2019.
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About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe through the proliferation of its various brands, including the recently acquired CBD Naturals® portfolio of brands and proprietary technologies.
ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
INVESTOR RELATIONS:
Ir@isodiol.com
604-409-4409
MEDIA CONTACT:
Christopher Hussey
media@isodiol.com
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, proposed arrangement with creditors, products and future the Company’s business, its product offerings and plans for sales and marketing. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
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